Federal Reserve Bank of Chicago, located at the corner of LaSalle and Jackson streets.
The Federal Reserve Bank of Chicago is the headquarters of the Seventh Federal Reserve District, which covers Iowa and most of Illinois, Indiana, Michigan and Wisconsin. It has a branch office in Detroit, a regional office in Des Moines. The president as of 2005 is Michael H. Moskow. Image File history File links From the Chicagos Fed home page; should be in the public domain. ... Image File history File links From the Chicagos Fed home page; should be in the public domain. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... State nickname: The Hawkeye State Other U.S. States Capital Des Moines Largest city Des Moines Governor Thomas Vilsack (D) Official languages English Area 145,743 km² (26th) - Land 144,701 km² - Water 1,042 km² (0. ... State nickname: Land of Lincoln, The Prairie State Other U.S. States Capital Springfield Largest city Chicago Governor Rod Blagojevich (D) Official languages English Area 149,998 km² (25th) - Land 143,968 km² - Water 6,030 km² (4. ... State nickname: The Hoosier State Other U.S. States Capital Indianapolis Largest city Indianapolis Governor Mitch Daniels (R) Official languages English Area 94,321 km² (38th) - Land 92,897 km² - Water 1,424 km² (1. ... State nickname: Wolverine State or Great Lakes State Other U.S. States Capital Lansing Largest city Detroit Governor Jennifer Granholm (D) Official languages English Area 250,941 km² (11th) - Land 147,255 km² - Water 103,687 km² (41. ... State nickname: Badger State State motto: Forward Other U.S. States Capital Madison Largest city Milwaukee Governor Jim Doyle (D) Official languages None Area 169,790 km² (23rd) - Land 140,787 km² - Water 28,006 km² (17%) Population (2000) - Population 5,453,896 (18th) - Density 38. ... This article refers to the largest city of Michigan. ... This article is about the state capital of Iowa. ...
The federalreserve system was created via the federalreserve act of 1913 which "established a new central bank designed to add both flexibility and strength to the nation's financial system." The legislation provided for a system that included a number of regional ReserveBanks and a seven-member governing board.
The FederalReserve controls the size of the money supply by conducting open market operations, in which the FederalReserve engages in the lending or purchasing of specific types of securities with authorized participants, known as the Fed's primary dealers.
By law, banks in the United States must maintain fractional reserves, most of which are kept on account at the Fed. The FederalReserve does not pay interest on these funds.
On the private side, the Fed was to be polycentric system of 12 reservebanks, each having the power to produce a distinct gold-backed currency marked by a seal indicating the district of origin, each owned by its member banks, and each required to finance itself from earnings.
On the public side, the most important government element was the FederalReserve Board, a political body that was to oversee the operation of the system.
These open market operations were to be at the initiative of the individual reservebanks and each bank was to have first claim to the earnings generated by the government securities in its portfolio.
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